SOCAR lead story

Upper Head Image

ACG sanctions $6 billion Azeri Central East development project

● Next stage of development of giant ACG field in Caspian Sea

● New 100,000 barrel a day platform expected onstream 2023

● New development approved in 25th year of landmark partnership
The Steering Committee for the development of the Azeri and Chirag fields and the Deep Water portion of the Gunashli (ACG) field (including SOCAR, BP, Chevron, INPEX, Equinor, ExxonMobil, TPAO, ITOCHU and ONGC Videsh) today announced the sanctioning of the Azeri Central East (ACE) project, the next stage of development of the giant ACG field in the Azerbaijan sector of the Caspian Sea.

The $6 billion development includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day. The project is expected to achieve first production in 2023 and produce up to 300 million barrels over its lifetime.

read more full article
NewspaperNews Archives

Gas production increased by 25% in first quarter of 2019

• SOCAR commissioned its highest-capacity well drilled at Umid field; it will produce 900 million cubic meters of natural gas annually

• During the quarter, the country produced over 9 billion cubic meters of natural gas, which is 25% higher than the same period last year

• Oil production remained stable in the reporting period

• Natural gas export grew by 27% and oil and petrochemical products export by 7,4% in the quarter
In the first quarter of 2019, SOCAR together with its partners maintained a steady level of oil production in the country and achieved significant growth in gas production. The gas production in the country increased by 25% compared to the same period of previous year and amounted to 9.1 billion cubic meters1, oil production increased by 0.15% to 9.7 million tons2. SOCAR produced 1.85 million tons3 of oil and 1.56 billion cubic meters4 in the same period.

The new well drilled and commissioned at the depth of 6810 meters in the SOCAR’s Umid field had a significant role in the growth of the country’s natural gas export. SOCAR completed drilling of its highest-capacity well safely, implementing new technical methods in complicated geological structure. The potential daily output of the new well is estimated at 2.5 million cubic meters of gas and 400 tons of condensate. Rock samples were taken from the depth of 5940 - 6810 meters and examined. The temperature and layer pressure were also measured.

full article read more

SOCAR Aviation to supply jet fuel to Istanbul Airport

Major tender to supply 700 000 tons of annual jet fuel awarded

SOCAR Aviation, a subsidiary of SOCAR, the largest direct foreign investor in Turkey won a jet fuel tender announced by Istanbul Airport (İGA). Murat Erdoğan, Trading Manager of SOCAR Türkiye said they would supply 700 000 tons of jet fuel annually to Istanbul Airport for a five year period.
It was announced by IGA that SOCAR Aviation has beaten off competition among foreign and local companies to win the tender to supply jet fuel to the airport. It will supply 700 000 tons of jet fuel annually for five years . SOCAR Aviation, entered the Turkish aviation sector in 2013 and in a short period has become one of the largest companies in the sector.

Murat Erdoğan, Trading Manager of SOCAR Türkiye, said SOCAR Türkiye has made significant investments in the liquid fuel sector: “The Turkish aviation sector is growing. Istanbul Airport is expected to require 60 percent of Turkey’s jet fuel consumption after reaching full-capacity operation. SOCAR Aviation is also growing together with Istanbul Airport and the Turkish aviation sector and we are proud that among the foreign and local companies we have been chosen to supply such a significant volume of jet fuel.” Erdoğan reminded that SOCAR’s other subsidiary STAR Refinery will produce 1.6 million tons of jet fuel after reaching full production.

He said: “From the outset SOCAR Aviation has signed a number of important deals and has become a jet fuel supplier to some large airports. We will continue this to become stronger with STAR Refinery and extend operations within the integrated value chain of SOCAR Türkiye”.

full article read more

SOCAR wins a concession for the first-time construction of electric charging stations at motorway resting places

SOCAR Energy Switzerland has obtained one of five concessions awarded by the Federal Roads Office (FEDRO) for the construction of 20 fast electric charging stations at Swiss motorway resting places.
SOCAR is the only traditional filling station operator to win a concession. The company already operates seven fast charging stations at its 11 service stations and has the largest network on the Swiss motorways. This network will now be gradually expanded over the next few years with the addition of motorway resting places. SOCAR is pro-actively developing its role as a mobility provider and is investing in future mobility solutions in addition to its fuel services. Customers benefit from an increasingly closely meshed supply and planning security.

The Federal Government only created the legal scope for installing electric charging stations at motorway resting places, which are under federal government control, a few months ago by amending legislation. The Federal Roads Office (FEDRO) then held a public invitation-to-tender for five concession packages, each containing 20 resting places, to enable private investors to construct electric charging stations at resting places in addition to the service stations themselves. As an experienced and committed operator of charging stations, SOCAR Energy Switzerland decided to bid for one of the concession packages right from the outset.

full article read more

The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.

read more

International ratings

When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

read more